Athens home sales surge from a year ago

The August sales reports are in and it is good news for Athens!

Sales: According to the, Athens/Limestone County residential sales totaled 187 units during August, up 16.9 percent from 160 sales in the same month a year earlier. August sales were also up 17.6 percent compared to 159 sales in July. Results were 63.7 percent above the five-year August average of 114 sales. Two more resources to review: Quarterly Report and  Annual Report.  

For all Athens/Limestone County area housing data, click here.

Inventory: Total homes listed for sale in the Athens area in August totaled 497 units, a decrease of 25.3 percent from August 2017’s 665 units, and a decrease of 1 percent from July 2018’s 502 units. Athens also experienced a decline in months of supply in August. August months of supply totaled 2.7 months, a decrease of 36.1 percent from August 2017’s 4.2 months of supply. August’s months of supply also decreased from July’s 3.2 months of supply.

Pricing: The Athens median sales price in August was $203,900, an increase of 7 percent from one year ago and a decrease of 10.7 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the August median sales price on average increases from July by .9 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in August spent an average of 46 days on the market (DOM), a decrease of 45.9 percent from 85 days in August 2017, but an increase of 2.2 percent from 45 days in July.

Forecast: August sales were 10 units, or 5.7 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 177 sales for the month, while actual sales were 187 units. ACRE forecast a total of 1,275 residential sales in the Athens area year-to-date, while there were 1,246 actual sales through August.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.

NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

Article originally published by The Alabama News Center.  You can read the entire article by clicking here.

Graph indicating home sales in Athens, Alabama from August 2017 to August 2018